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Anuual Report of 2024

Annual report of 2024

What is a Nonprofit Foundation?

A nonprofit foundation – under the provisions of this law – is any entity established for a fixed or indefinite duration by one or more natural or legal persons, or both, that is fundamentally non-profit, and is created to achieve one or more public benefit or specific purposes. It relies on funds allocated by its founder(s) in the form of capital, endowments, grants, or bequests. Family and private funds of all types are considered nonprofit foundations, and the regulations define what falls under such funds.

Is it required to submit a bylaws document when establishing a nonprofit association?

This process has been automated by creating an electronic template that includes all the variable provisions of the bylaws while adhering to the fixed provisions in the model bylaws approved by the National Center for Non-Profit Sector. The electronic template with its inputs serves as a preliminary bylaws document. After establishment, the bylaws will be printed and approved by the National Center for Non-Profit Sector, including all the information provided by the applicant.

Is an association allowed to directly collect donations from donors to support its resources?

No, the association is not permitted to collect donations to support its resources. According to Article 39 of the Law of Nonprofit Associations and Foundations, the collection of donations is limited to implementing specific programs. (Public benefit associations may collect donations, and other associations may collect donations – after center approval – to implement specific programs, provided that all relevant laws, regulations, and guidelines issued by the competent authorities are followed.

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